One of the risks you anticipated for the project was the late delivery of the prototype from the vendor. You adjusted your project schedule to minimize the impact of the risk, built in a penalty for late delivery, and created action plans in case the vendor delivered late. You also identified a risk with the vendor that they have very little technical depth; if the key engineer is not available to your project, the risk of a delay is even greater. You determined how you would monitor the vendor's performance and ensure a timely delivery. You took a very risk-averse, protective approach to the relationship, but now, as the project is progressing, you are wondering if there is something you could do with the vendor to actually benefit the project instead of just protecting it.
risk management plan that describes how you will modify the plans or create new plans relative to that vendor to create an opportunity that will result in lower costs, earlier delivery, higher quality, or other positive impacts.
Also, answer the following questions:
What can you change in your plans to create an opportunity?
What would that opportunity be?
What is the probability that this opportunity could occur? What is the impact?
What are the risks (adverse effect) that are introduced by this change in plans?
How will you communicate this change to the vendor?
Changes in Plans to Create Opportunity
Changes in the plans provide the right directions to the project manager to accomplish the project in right time within the cost limits. Changes in the plans in order to avoid risks also create opportunities to the project manager to make effective relationship with the vendors and other stakeholders of the project. In the given scenario, manager should increase the percentage of penalty of late delivery on vendor. Project manager should also change the delivery system in order to reduce the risk of late delivery. In this, project manager should use appropriate delivery system such as material delivery by air or train (Kane, 2008). This can support manager to reduce the time of delivery of raw material and get the market growth opportunities by completing the project timely.
Opportunities to Change the Plans
After changing the plans, manager would create various opportunities for the project as well as minimize the risk in the project. In opportunities, project manager would increase the responsibility of vendor to deliver material in timely manner. This would be helpful for the manager to improve the relationship with vendor in terms of delivering high quality material for the project. Through positive relationship, manager would also motivate ...
The changes in project plan are determined.